U.K. Economic Forecast
The bank of England warned on February 7, 2019 that the expected growth of the economy in 2019 will be 1.2%, compared to previous forecast 0f 1.7%, the lowest growth for decade.
The expected growth rate for 2020 is 1.5% compared to the previous forecast of 1.7%.
U.K. November Job Report
The U.K. office for national statistics reported on January 22, 2019 that 32.53 million people were at work in November 2018, 328,000 more than a year earlier.
The unemployment rate in November was 4.0%, the lowest rate since December 1974.
U.K. Interest Rise
The Bank of England, BOE, raised on August 2nd, 2018 the U.K. interest rate from 0.5% to 0.75%, the highest rate for nine years.
The rise is aimed to keep inflation on track.
The British office for national statistics reported on February 14, 2017 that the consumer prices index, CPI, in Britain rose by 1.8% in the year to January 2017 compared to a rise of 1.6% in the year to December 2016.
The rate of 1.8% in January 2017 was the highest registered since June 2014.
U.K. Interest Rate Cut
The bank of England cut on August 4, 2016 the interest rate from previous 0.5% to 0.25%, the first cut since 2009.
The bank also introduced a package of new measures to provide additional monetary stimulus.
U.K. Credit Rating Downgrade
The credit rating agency Standard & Poor's downgraded on June 27, 2016 Britain's sovereign credit rating by two notches from the previous perfect AAA rating to AA.
The rating agency outlook is negative due to the exit from the European Union.
UK Unemployment Rate
The British office for national statistics, NSO, reported on October 14, 2015 that the unemployment rate for the three months June to August fell to 5.4%, the lowest unemployment rate for seven years since the second quarter of 2008.
The number of unemployed in this quarter fell by 79,000 compared to the previous quarter.
UK GDP Growth
The British office of statistics, ONS, announced on July 28 that the British economy grew in the second quarter of 2015 by 0.7% similar to the top growth rates of 2008.
The growth was mainly due to the performance of the services sector.
The growth forecast for 2015 is 2.6%.
UK GDP Growth
The office for national statistics, ONS, announced on March 28, 2014 that the British economy grew in 2013 by 1.7% compared to 2012.
The growth rate is lower than the previous estimate of 1.8% and the initial estimate of 1.9.
The British economy grew in the fourth quarter of 2013 by 0.7%, same as the previous estimate.
U.K. Unemployment Rate
According to a release on December 18, 2013 by the ONS, office for national statistics, the unemployment rate in the U.K. fell to 7.4%, the lowest level since 2009.
The number of people claiming jobseekers' allowance in November 2013 reached 1.27 million, a decline of 36,700 people.
U.K. Credit Rating Downgrade
The credit rating agency Moody's downgraded on February 22, 2013 the U.K. credit rating by one notch from the perfect AAA down to AA1.
The downgrade which is the first since the 1970s is due to continued economic pressure and expectations for a sluggish growth in the second half of the decade.
U.K. Interest Rate Unchanged
The bank of England, BOE, decided on February 9 to maintain the official interest rate paid on commercial bank reserves at 0.5%. BOE also decided to increase the size of its assets purchase program by GBP 50 billion to a total of GBP 325 billion.
The decisions are in light of the the weak near term growth outlook.
U.K. April Inflation Rate
According to the British office for national statistics, ONS, the annual consumer price index, CPI, for April was 4.5% up from 4% in March, The highest hike since October 2008. The annual retail price index for April was 5.2% down from 5.3% in March.
U.K. Mobile Phones Taping Rules
The British Financial Services Authority, FSA, published a policy statement regarding taping of mobile phones in investment firms, banks, stockbrokers and other financial firms.
The taping of mobile phones is aimed to fight market abuse .The relevant firms should record and keep copies of relevant conversations made on mobile phones provided to individuals by their firms for a period of six months.
Firms must comply with the new taping rules by November 11, 2011.
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